use the following information to answer all parts of the equation

Instructions Chart of Accounts Analysis General Journal Instructions Equipment was acquired at the beginning of the year at a cost of $79,440. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,500. Required: (a) What was the depreciation expense for the first year? (b) Assuming the equipment was sold at the end of the second year for $59,897, determine the gain or loss on sale of the equipment. (c) Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. Instructions | Chart of Accounts Analysis General Journal Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale Equipment 114 Interest Receivable 115 Notes Receivable EXPENSES 116 Merchandise Inventory 510 Cost of Merchandise Sold 520 Salaries Expense 117 Supplies 119 Prepaid Insurance 521 Advertising Expense 522 Supplies Expense 120 Land 523 Delivery Expense 121 Equipment 122 Accumulated Depreciation 524 Rent Expense Instructions Chart of Accounts Analysis General Journal Chart of Accounts 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense-Patents 591 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Instructions Chart of Accounts Analysis General Journal Chart of Accounts Analysis X What was the depreciation expense for the first year? Assuming the equipment was sold at the end of the second year for $59.897, determine the gain or loss on sale of the equipment. $ 312 Dividends 313 Income Summary Allalysis General Journal Journalize the entry to record the sale on December 31. Refer to the Chart of Accounts for exact wording of account titles. GA $ PAGE 1 As JOURNAL $ DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 313 Income Summary